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Home>Omeros shares surge 10% after settlement with Endo delays generic to 2032

Omeros shares surge 10% after settlement with Endo delays generic to 2032

Omeros shares surge 10% after settlement with Endo delays generic to 2032

10/05/2017

Omeros Corporation (OMER) shares surged as much as 10% in morning trade Thursday, before paring some gains, after the company announced a settlement with Endo International PLC's Par Pharmaceutical Inc. (ENDP) that prevents Par from launching a generic of Omeros' Omidria until April 1, 2032. Under the agreement, Par, if it enters the market, will pay a 15% royalty on net sales of a generic Omidria until the last patents expire on October 23, 2033. Endo has also filed pending patent applications that would expire as late as November 30, 2035, according to the company's late-April annual report. Omidria is Omeros' only FDA-approved product and brought in net revenue of $41.4 million last year, according to the annual report. Par, which had filed a new drug application with the Food and Drug Administration for its generic Omidria, said that all Omidria patents are valid as part of the settlement, according to Omeros. Omidria, which was approved by the FDA in June 2014, is used during cataract surgery or intraocular lens replacement. Omeros shares have surged nearly 15% over the last three months, and Endo shares have dropped 25%, compared with a 4.6% rise in the S&P 500 .

-Emma Court; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-05-17 1131ET

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